California Lottery officials has declared that Edwin Castro is the winner of record $2 billion Powerball Jackpot. He was the only one in the country to match all six numbers.
Officials announced the winner three months after the winning ticket was sold. No further details of Mr Edwin Castro was shared on his request except his name which is required as per California public disclosure laws.
In a statement Mr Castro said that he was shocked and ecstatic over his win. California public schools will receive around $156 million from the ticket sales and Mr Castro expressed his happiness for the same.
California Lottery Powerball Jackpot was established in 1992, with an ambition to encourage the country with a dream come true opportunity to become a millionaire, for good causes by raising $28 billion by lotteries. In November 2022, Powerball set a world record jackpot of massive $2.04 billion, which was won by a single ticket bought by Edwin Castro.
Mr. Castro had bought the ticket at Joe’s Service Center, a gas station in Altadena, a town located 15 miles north of Los Angeles.
Castro has decided to take onetime lump sum payment of $997.6 million instead of 30 years instalments payments. This was disclosed by lottery officials.
Earlier before announcement of the winner, CA Lottery posted on their Twitter handle which said, “#BIGANNOUNCEMENT from #CALottery coming tomorrow! “We will show #CaliforniaEducation a whole lot of LOVE on #ValentinesDay when we unveil the sole winner of the record-breaking $2.04 billion #Powerball #jackpot from November”.
What is Powerball Jackpot all about?
Players select five numbers from 1 to 69; and one Powerball number from 1 to 26. Players can multiply non-jackpot prizes by 2, 3, 4, 5 or 10 times with the Power Play® option for an additional $1 per play. Powerball launched a new Monday drawing, which expanded the weekly lineup of Powerball drawings to three nights a week: Monday, Wednesday and Saturday on August 23, 2021. The Powerball jackpot grows until it is won. Double Play is available for purchase in select jurisdictions with a top cash prize of $10 million. The Powerball game is played in 45 states, the District of Columbia, Puerto Rico as well as U.S. Virgin Islands.
The winning numbers were – 10, 33, 41, 47, 56 along with the Powerball number 10. Total 22 tickets were sold throughout the nation out of which 3 tickets that were old in California namely Gardena, Beaumont and San Francisco missed the Powerball number but matched the other 5 numbers. All three of them summed up to approx. $1.15 million.
How is the Jackpot Amount paid?
Powerball jackpot winners may choose to receive their prize as an annuity, paid in 30 graduated payments over 29 years, or a lump sum payment. Here if a lump sum option is picked by the winner, the cash prize of received is approx. $997.6 million (before tax), instead of $2.04 billion. And if the winner choses to opt for 30 annual payments, he receives approx. $68 million (before tax) per year for 29 years. Both advertised prize options are prior to federal and jurisdictional taxes. Where the winner may have to pay federal tax of 24% till date. But from April 2023 the federal taxes will rise up to 37%.
California also offers a “Winner’s Handbook,” to the big winners giving them tax information related to payments and suggesting them on selection of a financial adviser.
